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18/11/2011
Merkel And Cameron Face-Off Over Euro
The UK and German leaders will meet on Friday as they try to navigate the ongoing European crisis from opposing positions.
Angela Merkel, the German chancellor, and David Cameron, the British prime minister, are both calling for urgent action after evidence this week that the debt crisis contagion had spread to its second major European economy, Spain.
However, Merkel and Cameron, who will meet after talks with EU leaders in Brussels on Friday, are hoping to come to an arrangement, but Germany is pressing for closer eurozone integration while the UK is hoping to take advantages of the split and reclaim sovereignty lost to the EU.
Mr Cameron said there must be safeguards for EU states, which do not use the single currency, after declaring himself a "sceptic".
Mr Cameron also wants the European Central Bank to be allowed to bail out struggling countries despite Mrs Merkel resisting.
Meanwhile, Merkel said she saw "more Europe" as the solution, with member states agreeing to cede more sovereignty on issues such as fiscal policy.
Share prices in the US and Asia have dropped on Friday morning over continuing eurozone debt anxiety.
Japan's Nikkei 225 index closed down 1.2%, while South Korea's Kospi fell 2%, after a sell-off on Wall Street overnight.
On Thursday, Spain's borrowing cost at an auction of 10-year bonds was almost 7% - a level seen as unsustainable.
It is hoped that signs of cooperation between the UK and Germany could ease market concerns, in the short term at least.
(DW)
Angela Merkel, the German chancellor, and David Cameron, the British prime minister, are both calling for urgent action after evidence this week that the debt crisis contagion had spread to its second major European economy, Spain.
However, Merkel and Cameron, who will meet after talks with EU leaders in Brussels on Friday, are hoping to come to an arrangement, but Germany is pressing for closer eurozone integration while the UK is hoping to take advantages of the split and reclaim sovereignty lost to the EU.
Mr Cameron said there must be safeguards for EU states, which do not use the single currency, after declaring himself a "sceptic".
Mr Cameron also wants the European Central Bank to be allowed to bail out struggling countries despite Mrs Merkel resisting.
Meanwhile, Merkel said she saw "more Europe" as the solution, with member states agreeing to cede more sovereignty on issues such as fiscal policy.
Share prices in the US and Asia have dropped on Friday morning over continuing eurozone debt anxiety.
Japan's Nikkei 225 index closed down 1.2%, while South Korea's Kospi fell 2%, after a sell-off on Wall Street overnight.
On Thursday, Spain's borrowing cost at an auction of 10-year bonds was almost 7% - a level seen as unsustainable.
It is hoped that signs of cooperation between the UK and Germany could ease market concerns, in the short term at least.
(DW)
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Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
